Table of contents

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Table of contents:

I. Financial Metaverse : tokens, derivatives and other synthetic assets 1

II. Market Finance 15

II-1. Batesian mimicry and other risk management techniques 15

II-2. Two main risk management frameworks 18

II-3. Pyramidal Markets 22

II-4. The Financial Metaverse 25

II-5. Synthetic Assets 29

II-6. Convergence 34

II-7. Basis risk 38

II-8. A global network of anchors 41

II-9. Financial benchmarks 44

II-10. Metafinance as a metalanguage 46

II-11. The impact of synthetic assets on the cash market 49

II-12. Synthetic assets dominate satellite cash markets 56

II-13. Metafinance as a convention 58

Bibliography 60

III. Synthetic assets play a standardisation role 63

III-1. Standard for coordination 63

III-2. Standardisation of asset specifications 68

III-3. Abstract markets 71

III-4. Gulliver’s travels 76

III-5. The quest for a core carbon credit contract 78

III-6. A (ridiculously) short classification of sovereign debt 89

III-7. The unbearable lightness of financial categories 95

III-8. Contract standardisation 100

Bibliography 104

IV. The economics of financial infrastructure 107

IV-1. The economics of financial infrastructure 107

IV-2. Path dependant benchmarks 110

IV-3. Impact of the COVID 19 pandemic on the fungibility of Gold 116

IV-4. The war scars of the credit derivative documentation 127

IV-5. Why history matters ? 138

Bibliography 142

V. The motivations of synthetic assets 145

V-1. The motivations of synthetic assets 145

V-2. Benchmarks should be based on prices 146

V-3. The VDNKh 147

V-4. Mutability 150

V-5. Successions 152

V-6. What is the price of crude oil ? 158

V-7. Mutations in the price of oil 165

V-8. Passive investing and index replication 171

V-9. Realisation 176

V-10. The life of Ni 183

V-11. Dealing with the corporate soap opera 190

V-12. Counterparty credit risk 194

Bibliography 197

VI. Convention for valuation 199

VI-1. Quantifying synthetic assets 199

VI-2. The philosophy of financial modelling 200

VI-3. Financial singularity 203

VI-4. Resonance 205

VI-5. Cyborg market 210

VI-6. Model or prophecy ? 213

VI-7. Performativity 219

VI-8. What drives marketplace acceptance of pricing models ? 222

VI-9. Wandering in interest rates modelling 225

VI-10. CreditGrades 230

VI-11. Metalist versus institutional 233

Bibliography 237

Conclusion 239

Glossary 251

Index 257